Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, August 24, 2007

FINRA Releases Report Card on Securities Arbitration

Editor's Note to FINRA's Arbitration Policy Task Force Report—A Report Card:

In 1994, NASD, now the Financial Industry Regulatory Authority (FINRA), assembled a group of outside experts, led by former Securities and Exchange Commission Chairman David S. Ruder, to conduct a thorough examination of the nature of securities arbitration and recommend a roadmap for the future. It was the first comprehensive assessment of securities arbitration since the Supreme Court decisions in the late 1980s that held predispute arbitration agreements enforceable.

The task force report, Securities Arbitration Reform, recommended comprehensive proposals to revamp securities arbitration. The recommendations in the report formed the framework that currently guides FINRA's dispute resolution policy and rulemaking. FINRA has implemented nearly every key recommendation and has worked extensively to preserve and respect the basic elements of a fair and efficient dispute resolution system. FINRA's Arbitration Policy Task Force Report—A Report Card traces the actions taken in response to those recommendations.

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